JPMorgan ups Apple target, sees positive setup into earnings

JPMorgan raised the firm’s price target on Apple (AAPL) to $315 from $305 and keeps an Overweight rating on the shares as part of a fiscal Q1 earnings report. Apple shares have underperformed the S&P 500 Index over last two months as positive data points around “robust” iPhone 17 demand have been overshadowed by margin concerns from the “unprecedented rise” in memory costs, the analyst tells investors in a research note. JPMorgan, however, sees positive set up for the shares heading into the earnings print. Apple is trading below the peak multiple that is typical for the shares heading into a key iPhone product cycle, contends the firm.